MNI China Press Digest May 25: PBOC, He Lifeng, Private Sector

Highlights from Chinese press reports on Thursday:

• The People’s Bank Of China has released 27 measures to increase support for the science and technology sector. The central bank aims to create a financial system capable of developing a world class innovation sector with global influence. Policymakers will promote high-quality innovative SMEs to list on the stock exchange and support the sector to make use of international and domestic markets. Under the plan, banks are encouraged to increase credit and R&D loans to the sector. (Source: Yicai)
• Beijing will adhere to the basic principle of opening up and work with the international community jointly to expand trade, according to Vice Premier He Lifeng. Speaking at a recent global trade summit He said China’s economic development stabilised the world economy after the pandemic through mutually beneficial economic cooperation with its partners. Beijing will support the construction of an open world economy and hopes international leaders will work together to accelerate trade, and investment, giving strong impetus to the world economic recovery. (Source: Yicai)
• The Shanghai government will boost private sector confidence, according to Chen Jining, secretary of the Municipal Party Committee in Shanghai. The Government will encourage private firms to invest in innovative technology and participate in major national projects, and strategies. Authorities will create a market environment for fair competition with equal access and treatment, and work to remove hidden barriers. Chen said he will support private enterprises to go global, and build a cross-border industrial chain rooted in Shanghai. (Source: Yicai)